Labour's John McDonnell announces plans to change companies structures
Large companies would be forced to transfer as much as 10 percent of their shares into a fund to be owned and managed collectively by their workers
Labour, which under socialist leader Jeremy Corbyn has shifted from a centrist pro-business platform to a more interventionist left-wing pitch, is using its annual conference to detail its plans to help a greater number of people to share in economic prosperity that it says is “hoarded by the few”.
Over the weekend the party announced plans to nationalise key industries and give workers a third of seats on company boards.
Labour finance spokesman John McDonnell will say that every company with more than 250 employees would have to create an “Inclusive Ownership Fund”, transferring at least 1 percent of their shares into the fund every year, up to a maximum of 10 percent.
Published: by Radio NewsHub